How Changpeng Zhao’s Public Comeback After Prison Could Influence BNB Token?

Changpeng Zhao, the former Binance CEO, has been out of prison for a few weeks now but is probably on an international travel ban. This overall imprisonment, travel ban, fine of $50 Million, and resignation from his CEO position came with the exchange’s failure to adhere to the US’s anti-money laundering and KYC regulations. However, things are falling back in place slowly since the CZ’s release on September 27. More importantly, he has announced his first public appearance plans.  With this, many doubt how the BNB token will perform on charts. As previously, his post-release activities were supposed to fuel a Binance Coin rally to $700, but that did not happen.

Slowly yet steadily, Changpeng Zhao is returning to social media platforms with systematic posts. He recently informed his followers about his plans to attend the upcoming Binance Blockchain Week, which is set to happen on October 30-31, 2024, in Dubai. In the X post, CZ explained that he will be attending this event in his personal capacity.

I will be attending the Binance Blockchain Week in Dubai on Oct 30-31, in my personal capacity. It’s one of the biggest web3 events of the year. See you there. ✊

— CZ 🔶 BNB (@cz_binance) October 10, 2024

The post has received millions of views and various comments, all in support. Justin Sun, the TRON founder, also expressed his happiness on this news. He commented,” Great! Happy To Be There.”

CZ is the founder of the biggest crypto exchanges in the world and has gained heavy popularity over the years. Additionally, he has maintained quite a community by actively involving himself with his followers through social media posts and comments. With this, people are excited to witness him joining public events, mainly in hopes of a BNB price surge. 

Can CZ’s Public Comeback Boost BNB Token?

When CZ made his first post after his prison release, the BNB token witnessed a significant surge. At that time, the BNB price grew from $606.25 to 616.53, forming the biggest peak of the month. To this day, the Binance Coin has not grown to this high past that incident. Instead, it has a downtrend, following the crypto market red zone at the beginning of the month.

The BNB token price has begun the recovery in the last few days, surging 2.77% in the week. With this, the Binance Coin price is $567.75 with a market capitalization and trading volume of $82.85B and $1.63B. Now, the eyes are on the upcoming rally for this token, and Changpeng Zhao attending the Binance Blockchain Week could be the perfect opportunity for that. It is because the last time, the BNB price also surged heavily on his activity.

However, it is important to note that the BNB is almost unaffected by anything related to Binance exchange & Changpeng Zhao. This conclusion is made after analysts analyzed how its price performance stayed maintained even during the legal issues and other controversial news. It is because it is the fourth biggest cryptocurrency with a high dominance in the crypto market.

The same unaffected outcome can happen if the user’s sentiments stay neutral by the CZ’s public comeback. Even on the charts, the technical factors indicate neutral sentiments among holders with a constant battle between bulls and bears.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.